About the Loan Process
There can be no doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But First Southeast Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and First Southeast Mortgage Corporation can really save you money. You will give us details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you don't need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. We answer questions about the loan process every day.